Transcript

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>> Warren Buffett is throwing his name and cash into the ring to buy Yahoo. I'm Liana Baker at Reuters in San Francisco. Warren Buffett is backing his friend Dan Gilbert's bid for Yahoo. He's the latest high profile name to enter the bidding race that started several months ago.

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Buffett doesn't have a lot of experience in digital media, but one of his boardmembers on Berkshire Hathaway was a former president of Yahoo in 2008. Buffett's name on the Yahoo bidder list is a bit of a surprise to a list that includes companies like Verizon and big private equity firms.

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He's a bit of a wildcard as a Oracle of Omaha. Buffett is also a long-time shareholder in tech company IBM, and he does own some media properties like Business Wire, which is a new service for business press releases. Yahoo did stream for the first time this year, Berkshire Hathaway's annual shareholder meeting, which Buffett said he was very happy with.